Apollo Commercial Real Estate Finance said on October 16, 2026, that it expects its final day of New York Stock Exchange trading to be November 6 as it proceeds with its shareholder-approved wind-down. The ARI liquidation plan would replace shareholders’ stock with interests in a liquidating trust that will not trade on any exchange and generally cannot be transferred.
Key Takeaways
- The planned NYSE exit follows shareholder approval of liquidation on September 29, 2026.
- Shareholders would receive one liquidating-trust interest for each share they hold.
- The trust’s board would decide the amount and timing of any additional distributions.
Table of Contents
- ARI liquidation timetable remains a plan
- Trust interests would replace tradable shares
- Further payouts depend on the wind-down
- Conclusion
ARI liquidation timetable remains a plan
The company’s October 16 delisting filing sets out its intention to submit Form 25, the notification of removal from listing, on or about October 27. Apollo Commercial Real Estate Finance has already notified the NYSE of its intention to voluntarily delist its common shares, which trade under ARI.
After delisting, the company plans to transfer all remaining assets and liabilities to a statutory trust formed under Maryland law, deregister with the Securities and Exchange Commission and terminate its existence through voluntary dissolution. It expects SEC deregistration on November 9, 2026. These steps and dates are expectations, not completed events.
| Item | Details |
|---|---|
| Shareholder approval | September 29, 2026; liquidation and dissolution plan approved. |
| Form 25 submission | Expected on or about October 27, 2026. |
| Final NYSE trading day | Expected November 6, 2026. |
| SEC deregistration | Expected November 9, 2026. |
Trust interests would replace tradable shares
After transferring its assets and liabilities, the company intends to distribute beneficial interests in the liquidating trust to shareholders on a one-for-one basis. Those interests would not be listed on the NYSE or any other exchange, and holders would not receive certificates or other instruments representing their rights.
Transfers would be prohibited except in limited circumstances, including transfers by will, intestate succession or operation of law. The practical change is therefore more than losing an exchange listing: holders would generally be unable to sell or otherwise dispose of their interests while the trust completes the wind-down.
The trust’s purpose would be to preserve the value of the remaining assets during an orderly liquidation, satisfy or provide for liabilities, and distribute the remaining assets or proceeds to its beneficiaries.
Further payouts depend on the wind-down
The update did not specify the amount or payment date of any additional liquidating distribution. Those decisions would rest with the trust’s board of trustees in its sole discretion. Asset-sale proceeds and available cash remain subject to liabilities, obligations and associated reserves.
Apollo Commercial Real Estate Finance expects ACREFI Management, LLC, or an affiliate, to manage the trust’s day-to-day operations. Based on SEC guidance in similar circumstances, and assuming the company dissolves as planned, it anticipates that the trust would file annual Form 10-K reports containing unaudited financial statements and current reports on Form 8-K under the company’s SEC file number.
The company identified asset-sale timing, unexpected costs and liabilities as risks to implementing the plan. Its August 24, 2026 definitive proxy statement summarizes expected federal tax consequences, but individual shareholders’ tax treatment may differ.
Conclusion
The next scheduled step is the expected Form 25 submission on or about October 27, followed by the planned November trading exit. The update establishes a proposed transition to a liquidating trust, but does not establish when shareholders will receive further proceeds or how much they will receive.
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